In afternoon trade the S&P/ASX 200 index has given back its early gains and is on course to record another decline. At the time of writing the benchmark index is down 0.3% to 6,687.8 points.
Four shares that have fallen more than most today are listed below. Here’s why they have dropped lower:
The Cann Group Ltd (ASX: CAN) share price has fallen 3.5% to $1.56 despite there being no news out of the cannabis company. I suspect that investors may be disappointed with the company’s lack of progress in respect to revenue generation. Last month the company released its full year results and revealed revenue of just $2.35 million and a net loss of $10.9 million. And while it does have bold production plans, I have concerns over the oversupply of dry flower cannabis.
The Fluence Corporation Ltd (ASX: FLC) share price has dropped 5% to 49.5 cents. Today’s decline appears to have been driven by profit taking after the water services company’s shares rocketed higher on Wednesday after announcing an agreement which will make Fluence the preferred supplier for wastewater treatment equipment for Liaoning Huahong in China.
The Northern Star Resources Ltd (ASX: NST) share price is down 3.5% to $11.28. Almost all of Australia’s gold miners have tumbled lower today after the spot gold price came under pressure overnight and dropped 2% lower. These declines have led to the S&P/ASX All Ords Gold index sliding a disappointing 3.2% lower today.
The Superloop Ltd (ASX: SLC) share price has returned from its trading halt and dropped 5.5% to 95.5 cents. This morning the independent provider of connectivity services announced that it has received commitments for $72 million after successfully completing its institutional placement and institutional entitlement offer. Superloop is raising these funds at 82 cents per share, which is an 18.8% discount to the last close price.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of SUPERLOOP FPO. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.